Trump Says ‘I Love the Inflation’ as Approval Rating Sinks to Record Low – Newsweek
Published
Jun 10, 2026 at 02:34 PM EDT
updated
Jun 10, 2026 at 04:08 PM EDT
Weekend Staff Writer
President Donald Trump appeared to downplay a Bureau of Labor Statistics (BLS) report finding rising inflation on Wednesday, telling reporters in the Oval Office: “I love the inflation.”
Inflation and the high cost of living remain major political issues ahead of this year’s midterm elections, particularly with the Iran war causing gas prices to surge across the country. Tackling inflation was a cornerstone of Trump’s 2024 presidential campaign, but his approval ratings have suffered as prices remain high.
Wednesday’s BLS report found that prices rose 0.5 percent in May, slowed from 0.6 percent in April, while annual inflation accelerated to 4.2 percent from 3.8 percent in April, the highest since April 2023, when it was 4.9 percent.
The increase was once again driven by spiking fuel costs, the BLS said, with the energy index rising 3.9 percent in May and 23.5 percent over the past 12 months.
Gasoline is up 41 percent over the past year, with fuel oil—used for heating homes and buildings—having risen 59 percent. Data from the American Automobile Association shows that gas prices remain above their pre-war averages but have dropped in recent weeks. As of Wednesday, prices averaged $4.151 per gallon nationwide, down from $4.522 one month earlier but still higher than $3.122 one year ago.
The new numbers also mean that inflation is now more than double the Federal Reserve’s long-term target of 2 percent, making near-term interest rate cuts increasingly unlikely.
“Although energy continued to push headline inflation higher, the softer-than-expected core reading suggests underlying inflation pressures remain more contained than many had feared,” Arielle Ingrassia, an investment specialist at the wealth management firm Evelyn Partners, wrote in a press note following Wednesday’s report.
Trump was asked whether he is concerned about the inflation numbers.
“No. I love it. The numbers were great. You know what I really love? I love the inflation,” he said. “You know why? Because as soon as this war is over, you know I can say it now. Something you didn’t know—did you know we’ve been taking out millions of barrels of oil? Nobody knows it. You know who doesn’t know about it? Iran, until right now. We took out the other night 22 ships, late at night, with no lights because they don’t have any radar because we blasted the crap out of it. That’s why oil is $85 a barrel.”
The price of Brent crude was $93.52 per barrel as of mid-afternoon Wednesday.
Trump went on to say that the economic ramifications were “worth it” to prevent Iran from obtaining a nuclear weapon. Oil prices will drop to pre-war levels once the conflict is over, he said.
“We’ll be back at those levels very soon,” he said.
White House spokesperson Kush Desai told Newsweek that Trump was “rightfully touting how the May CPI report showed that, despite temporary disruptions in energy markets, prices of prescription drugs, dairy products, cars, as well as both health and auto insurance along with other essentials continue to decline thanks to the Trump administration’s policies.
“President Trump has consistently maintained that oil and gas prices—and thus overall inflation—will plummet once the Iran situation is resolved, and the Administration will continue pushing our affordability agenda to enable Americans to keep more of their hard-earned money.”
The report comes as a recent poll from FocalData found that Trump’s approval rating on inflation hit a record low, with 69 percent of Americans saying they disapprove of his handling of the issue compared to only 18 percent who approve. It surveyed 1,719 respondents May 29-June 1.
Other polls have similarly found that Trump’s approval on inflation has fallen. A survey from YouGov and The Economist found that 68 percent of Americans disapprove of his handling of inflation, while 24 percent approve. It surveyed 1,568 adults June 5-8.
A Marquette University poll May 20-26 found that 78 percent of Americans disapprove of Trump is handling inflation and the cost of living, compared to 22 percent who approve.
Democrats were quick to seize on Trump’s comments. Inflation has become a political sticking point for the GOP amid rising prices, a major issue they will have to contend with in November’s elections. If prices remain high, that could be a boon for Democrats hoping to bank off of Trump’s approval rating and regain control of the House and/or Senate.
“Trump really said, ‘I love the inflation.’ On camera. For all of America to hear. His contempt for you knows no bounds,” Senate Minority Leader Chuck Schumer, a New York Democrat, wrote to X.
Senator Ed Markey, a Massachusetts Democrat, wrote: “Donald Trump just said ‘I love the inflation’ while handing over another $70 billion to ICE thugs. This administration doesn’t care about working people.”
“Trump on inflation: ‘I love it.’ People can’t afford to feed their families. Your struggle is a joke to him,” wrote Illinois Governor JB Pritzker, a Democrat.
California Governor Gavin Newsom wrote: “WOW. The President just admitted he loves when Americans pay more for the same things that used to cost less!”
Video of Trump’s remarks went viral on X, garnering 2 million views by mid-afternoon.
Jessica Tarlov, a Fox New host, wrote on X: “And Democrats just won the midterms” in response to the video.
Inflation will continue to be closely watched as a key economic metric ahead of the midterms, when Democrats believe Trump’s poor economic approval could translate into pickups for their party in both chambers of Congress.
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